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Selena: PLN 12m operating profit earned in the second quarter

Selena Group – global producer and distributor of construction chemicals headquartered in Poland – posted sales of PLN 289m in […]

Selena Group – global producer and distributor of construction chemicals headquartered in Poland – posted sales of PLN 289m in the second quarter of 2012. The recorded sales are 10% higher than in the corresponding period of 2011. In Q2, the operating profit (EBIT) was PLN 12m, while the net profit amounted to PLN 7m.

The strong Q2 performance is owed to the higher gross margin compared with 2011. Gross profit increased by 2.5 p.p. vs. Q4 2011. The improved gross profit margin (4.1%) is one of the first results of the optimisation and restructuring programmes undertaken by the Group.

After the first half of 2012, Selena generated revenue from sales of PLN 476, up 10% year-on-year. The operating profit came in at PLN 5.5m, while the net result was -PLN 7m. The highest sales growth was noted by the companies in the Eastern Europe (Russia, Ukraine) and Central Asia (Kazakhstan). Despite the difficult conditions in the European markets, sales were also growing in the CEE (Romania, Czech Republic, Bulgaria). Sales in Poland remained at the last year’s level.

Early in 2012, the Group launched a number of programmes designed to increase the operating effectiveness and to reduce costs. One of the priorities of the restructure was to gradually reduce the debt level. After the first half of 2012, net debt to EBITDA was 4.05, and was lower than at the end of 2011, when it stood at 5.23. Selena also improved its return on the working capital employed. As a result of reduction of inventory levels and extension of payment terms from suppliers, the Group cut the cash conversion cycle by 11 days, which resulted in lower working capital requirements and positively affected cash flows from operations.

At the same time, in the first half of 2012, Selena managed to reduce the share of selling and marketing costs to 17.7% of the total cost base compared with 18.5% in the corresponding period of 2011. The general and administrative expenses were reduced to 8% from 9.2% in 2011.

“The second quarter of the year was successful for Selena Group, and the implemented optimisation and restructuring measures are now starting to yield fruit. However, the economic slowdown in the mature markets and in the Central and Eastern Europe, and the resulting reduction of investments in the construction sector is a major challenge for us. The situation is particularly difficult in Spain. Also in Asia we had to revise the business assumptions for our Chinese project” – said Jarosław Michniuk, the CEO of Selena FM, parent company of Selena Group.

In the upcoming months the Group expects a continued stagnation or a slight slowdown in its main geographies, excluding the Eastern Europe and Central Asia where further increases should be noted. Selena continues its consolidation efforts and focuses on the programmes designed to further improve its profitability and operating effectiveness.

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